Line of Credit - Posted by Mike W.

Posted by MJ on July 31, 2003 at 16:33:29:

YOU CAN DO THIS, BUT MOST LENDERS CHARGE AN AVERAGE OF 3 AND 1/4% TO 3 AND 1/2% TO REFINANCE WHICH WOULDNT MAKE SENSE FOR YOU TO USE AN $8,000 HELOC IF YOU WERE GOING TO HAVE TO PAY ANOTHER $4,000 JUST TO REFINANCE.

Line of Credit - Posted by Mike W.

Posted by Mike W. on July 30, 2003 at 11:48:58:

I have an $8k line of credit through my credit card. Has anyone ever used their line of credit as a down payment on a home and then possibly refinance the home to pay back the down payment.

I want to know if this type of LOC can be used or not,

Thank You

Re: Line of Credit - Posted by Patrick

Posted by Patrick on July 30, 2003 at 14:42:53:

That is what I used my LOC for. That is what I plan to do, re-fi and pay back the down.